De Beers’ rough-diamond sales declined in its August sight as the relatively early date of Diwali this year moved demand up to the previous sale.
Proceeds from the miner’s seventh sales cycle fell 12% to $505 million from the revised July figure of $576 million, the company said Tuesday. Compared with the August sight a year ago, sales were down 21%.
Diwali is on October 19 this year, whereas last year it fell on October 30. As a result, rough buyers in India sought more goods at the July sight than they did in the corresponding sale a year ago.
“As expected, rough-diamond sales were somewhat lower in the seventh cycle of the year, with some midstream demand having already been brought forward into cycle six due to Diwali being earlier than normal in 2017,” said De Beers CEO Bruce Cleaver. “Businesses in the diamond industry’s midstream segment are adopting a watchful approach as attention now turns to the Hong Kong Jewellery & Gem Fair in mid-September.”